Gourmet College Has Recently Opened a Restaurant as Part of Its

question 311

Short Answer

Gourmet College has recently opened a restaurant as part of its hospitality major. The manager gathered the following data from the first five weeks of operations. Knowing you are currently taking a managerial accounting course he has asked that you analyze the data.

Using the high-low method estimate the weekly cost function for the restaurant costs.

---

Definitions:

Place

In marketing, one of the four P's, referring to the distribution or location strategy for making a product or service available to consumers.

Basic Necessities

fundamental needs required for sustaining human life, including food, water, shelter, and clothing.

Deprived

refers to a lack of the necessary resources, rights, goods or capabilities which are considered normal or sufficient by the society in which an individual, group or area lives.

Human Needs

Fundamental requirements necessary for individuals to live a healthy and fulfilling life, including physiological, safety, love/belonging, esteem, and self-actualization needs.